My experience with MALAYSIA

docmood

docmood

New Member
This might be helpful for anyone who is considering buy in Malaysia.

I got suckered into this by Berjaya when they launched their Times Square project back in 2001 ish. They seemed REALLY cheap at around 70k GBP for a 1 bed in this LANDMARK development in the centre of KL and it was going to be a 5 star hotel blah blah blah.

Well I bought TWO of them on the highest floor I could ( for future buyers, always buy apartments on higher floors as they command a better premium )

Since DAY 1 I've regretted buying them. Everything is in Malay language and you need a local lawyer. The local lawyer that was appointed/recommended by Berjaya and did the transaction for me is currently in JAIL !!!! I get endless bills ( in Malay of course ) for sinking funds and shared costs and so on and I can never find a decent English contact on the phone.

I went to KL to try and sort out the mess and although its a great place to visit for a holiday, the property problems just MULTIPLIED. The developer was illegally renting out the shared areas, the hotel service was FAR from 5 star and the locals all laughed at how the foreigners got suckered.

The value of the properies NEVER reached the amount I paid for them abd new properties are being launched even today at lower prices. I decided to dump them and take the hit. I was offered around 20k GBP less for each unit which I decided to take as the exchange rate covered some of the loss and the developer was undergoing some major legal action from many sides regarding this development.

I signed an agreement and took a deposit and hired a lawyer. This was in March/April this year. THE SALE PROCESS CAN TAKE UP TO 9 MONTHS TO COMPLETE!!!!

DON't BUY PROPERTY IN MALAYSIA !
 
K

KhanatMarina

New Member
this might be helpful for anyone who is considering buy in malaysia.

I got suckered into this by berjaya when they launched their times square project back in 2001 ish. They seemed really cheap at around 70k gbp for a 1 bed in this landmark development in the centre of kl and it was going to be a 5 star hotel blah blah blah.

Well i bought two of them on the highest floor i could ( for future buyers, always buy apartments on higher floors as they command a better premium )

since day 1 i've regretted buying them. Everything is in malay language and you need a local lawyer. The local lawyer that was appointed/recommended by berjaya and did the transaction for me is currently in jail !!!! I get endless bills ( in malay of course ) for sinking funds and shared costs and so on and i can never find a decent english contact on the phone.

I went to kl to try and sort out the mess and although its a great place to visit for a holiday, the property problems just multiplied. The developer was illegally renting out the shared areas, the hotel service was far from 5 star and the locals all laughed at how the foreigners got suckered.

The value of the properies never reached the amount i paid for them abd new properties are being launched even today at lower prices. I decided to dump them and take the hit. I was offered around 20k gbp less for each unit which i decided to take as the exchange rate covered some of the loss and the developer was undergoing some major legal action from many sides regarding this development.

I signed an agreement and took a deposit and hired a lawyer. This was in march/april this year. The sale process can take up to 9 months to complete!!!!

Don't buy property in malaysia !
what is the situation now???
 
NZPropertyFinder

NZPropertyFinder

New Member
lawyer that was appointed/recommended by Berjaya and did the transaction for me is currently in JAIL !!
The lesson everyone should learn from this is " ALWAYS GET AN INDEPENDENT LEGAL ADVICE, AND DO YOU INDEPENDENT RESEARCH."
 
M

mortagage

New Member
Sosorry to hear this horror story that just outlines the issues of buying overseas. Research is vital as is some local knowledge.
 
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